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Instructions You Must Calculate NISAB before calculating Zakat and compare it with the Zakatable Income. ( Gold Rate of 24 Carat Gold is 242.00 /

Instructions You Must Calculate NISAB before calculating Zakat and compare it with the Zakatable Income.

( Gold Rate of 24 Carat Gold is 242.00 / gram & Pure Silver is at 2.86 SAR per 1 Gram on January 29, 2023 @ 9:19am. Current Dollar rate is 3.75 Riyals & British Pound = 4.65 SR. The market price of Al Rajhi Banks share is SR 80.90 per share on January 29, 2023 @ 9:19am., as per Tadawul )

Q-14 Comprehensive

Mr. Abdullah is a very successful farmer. He breeds few categories of animals out of which, he used some for trading and some for breeding. The following information is available about his activity for the year ended December 31, 2020.

Camel (head)

Cow (head)

Sheep (head)

Horses

monthly wages for workers

SR 400

SR 300

SR 500

SR 500

Total numbers

(beginning of the

year)

220

250

610

5

Trading purposes

50

70

300

0

Less than 1 year old

30

20

40

0

Used to Carry out load

5

0

0

3

Gift given to relatives

(after they completed one lunar year)

0

2

10

0

Died

2

2

1

1

Given Away for last

Years zakat

5

8

6

0

Abdullah also had the following assets during 2020 :

He received a monthly salary of SR 3,000 from working in a local company.

He owns 1500 shares for investment purposes. He also received a dividend of SR 50 per share.

He received a Cash Reward of SR 50,000 from the company he works with.

He donated an amount of SR 10,000 to build a mosque in his local residential area

He has an amount of SR 150,000 in his Savings Account

He owns 100 gms of Gold-ingot (gold bar) which he bought for investment / Profit purposes

He took a loan, against which he pays SR 2,000 per month.

His monthly living expenses are SR 10,000

Price of gold per 1 gram is SAR 200, for this question only.

Required :

Calculate the zakat amount for Abdullah for the year ended December 31, 2020.

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